Market Update January 2023

Homes in suburbs across Melbourne’s east have had some of the biggest price growth in Victoria over the last quarter, defying the state-wide slowdown.

Real Estate Institute of Victoria figures reveal that the median property price in Mitcham is $1.2 million, which is a 17% increase over recent months.

Meanwhile houses in Croydon have reached a median of $880,000, reflecting a 5.6% increase. Buyers are also snapping up homes in the suburb in 27 days – beating Melbourne’s average 40 days on market.

Nearby suburbs – Heathmont, Malvern East, Camberwell, Chirnside Park and Surrey Hills – also saw huge house price growth, with Heathmont officially becoming a million-dollar suburb ($1.13 million) after a 16.9% increase.

We also saw the value of units in Doncaster record some of the highest growth in Melbourne, with a 20% increase driving the median to $710,000. Glen Iris and Camberwell also had strong unit price growth.

Noel Jones Daniel D’Assisi described these figures as impressive, but not a surprise to those in the real estate industry.

“While property prices have declined across the country, we are still seeing quality properties reach and exceed their reserve prices, much to the delight of vendors,” Daniel D’Assisi said.

“An end to our record low interest rates was always going to have an impact, but Melbourne’s real estate market is historically strong and will remain that way.”

Melbourne’s property prices dipped by 1.1% across January, which may also be linked to the market’s holiday break and a low number of listings.

CoreLogic predicts the property slowdown may be easing as the real estate market adjusts to higher interest rates.

This is supported by quarterly figures that show Melbourne’s housing value is up slightly since October 2022.

According to CoreLogic, new listings added to capital city markets over the four weeks ending January 29 were more than 20% lower than over the same period last year.

“Less available stock on the market is generally followed by increased demand, so this could be a good time to sell and stand out in a less crowded market,” Daniel D’Assisi said.

This also rings true for Melbourne’s tightly held rental market, where vacancy rates are extremely low. CoreLogic data shows national rent figures rose by 0.7% in January, while in inner Melbourne, rent has grown by 30% in the last year.

Rental yields continue to trend up, reaching 3.85% in January. As overseas students flock back, it’s expected demand for properties in inner city areas – particularly units – will stay strong.

 Noel Jones is pleased to have started 2023 on a high, achieving premium results for our vendors. Among the highlights was the sale of a three-bedroom home in Wantirna South for $1.28 million – more than $300,000 above the suburb’s median price.

Speaking of kicking goals, we’re pleased to announce that January’s recipient of the Community Support Program is the Croydon City Soccer Club. This all-ages local club will use the funds to buy new goals and corner flags for their soccer pitches. Learn more about Noel Jones’ Community Support Program here.

Whether you are looking to buy, sell or lease, Noel Jones can help every step of the way. Contact us today.

Share:

More Posts

Strategies to get the most out of an investment property

Strategies to get the most out of an investment property   Maximise Depreciation Deductions: Maximising depreciation deductions is essential for property investors to significantly reduce taxable income, thereby lowering tax liabilities and increasing cash flow. Depreciation allows investors to deduct the cost of their property over its useful life, providing substantial tax benefits. By accurately assessing and maximising depreciation deductions,

Market Update | May 2024 Edition

Your May monthly update from Noel Jones, including the latest property market statistics and news from our team. Melbourne saw a relatively stable month during April, with many people taking time off during the Easter long weekend, school holidays and ANZAC Day break. Property prices remained stable for houses and units throughout the month, while industry-wide auction clearance rates held

Government Grants and Incentives for Melbourne’s Property Market in 2024

The Australian property market, particularly in major cities like Melbourne, has seen significant changes in recent years. While some government initiatives remain in place, new programs are less frequent. Let’s delve into the current landscape of government grants and incentives relevant to Melbourne’s property market. Existing Federal Government Initiatives: Home Guarantee Scheme (HGS): This ongoing program offers various guarantees for

Why Noel Jones Could Be Your Best Career Move

Are you passionate about the real estate industry and looking for a dynamic, supportive work environment? At Noel Jones we offer a unique blend of industry-leading training, cutting-edge technology, and a strong support system that sets us apart from the competition. Fuel Your Growth with Continuous Learning: At Noel Jones, we believe in empowering our team members to reach their

Send Us A Message

Good Job!

Thanks for taking the time to let me know about your needs.

I look forward to helping you find your new home.​

Buyer Requirements

Thank you!

I’ll be in touch soon with information on the suburb you’re buying in.

Find Out More